SHANGHAI: China's finance ministry auctioned 32.6 billion yuan ($5.31 billion) of three- and five- year bonds on behalf of six local governments at yields of 4.14 and 4.15 percent, respectively, traders said on Monday.

For a breakdown of which local governments issued which amount of debt.

In May, the ministry announced an increase in its annual quota to issue bonds on behalf of local governments to 400 billion yuan for 2014, from 350 billion yuan in 2013.

It granted 10 local governments quotas to issue a combined 109.2 billion yuan worth of municipal bonds this year - the first time that the government has allowed local governments to issue the US-style municipal bonds.